Far West

The top Democrat on a House Ways and Means Committee panel said Build America Bonds are one of his top priorities for renewal as Congress examines more than 100 of the 2011 and 2012 tax extenders.

WASHINGTON — The Internal Revenue Service is looking into the tax compliance of $195 million of lease revenue bonds issued by the Pima County, Ariz., Industrial Development Authority in 2008 for a nonprofit borrower that used them to finance the development of a detention facility for Clark County, Nev.

Moody’s Investors Service said Tuesday a new voter-approved sales tax to support a struggling arena that has defaulted on notes is a credit positive for Wenatchee, Wash.

San Diego hotel owners near the Southern California city’s convention center have voted in favor of creating an assessment district to help fund an expansion of the facility.

A Sacramento Superior Court judge ruled on Wednesday that California Controller John Chiang does not have the authority to dock lawmakers pay for late budgets.

California Treasurer Bill Lockyer’s wife, Nadia Lockyer, resigned last week as an Alameda County supervisor amid a scandal.

California revenues are on track to be more than $2 billion less than the April estimates in Gov. Jerry Brown’s proposed budget, the state’s Legislative Analyst’s Office said in a report Wednesday.

WASHINGTON — The Securities and Exchange Commission is considering scaling back its initial proposed definition of municipal advisor in final registration rules, the agency’s chairman said Wednesday.

Senate Finance Committee chairman Max Baucus wants Congress to consider alternatives to tax-exempt bonds in order to provide uniform subsidies for bondholders, and cites Build America Bonds as a good example.

Five groups representing local governments are urging Senate Finance Committee leaders to maintain the federal tax-exemption for municipal bonds, ensure states and localities retain the authority to set their own tax policies, and refrain from preempting governments and threatening their fiscal health by granting preferential tax treatment to certain industries.